Exhibit 99.1

Phoenix New Media Reports Second Quarter 2023 Unaudited Financial Results

Live Conference Call to be Held at 9:30 PM U.S. Eastern Time on August 15, 2023

BEIJING, China, August 16, 2023 — Phoenix New Media Limited (NYSE: FENG) (“Phoenix New Media”, “ifeng” or the “Company”), a leading new media company in China, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Mr. Yusheng Sun, CEO of Phoenix New Media, stated, “During the second quarter of 2023, we continued to bolster our media influence by covering major events and delivering exclusive reports and original content across our flagship app and major social media platforms. Moreover, we strengthened our monetization capabilities by upgrading our marketing resources and expanding our client base. Moving forward, our focus will be on aligning resources to strategic business units to solidify our leadership position in the media industry, which should help us grow our brand and commercial value.”

Mr. Edward Lu, CFO of Phoenix New Media, further stated, “During the second quarter of 2023, our efforts to optimize our costs structure and increase operating efficiency has led to a notable increase in gross profit, with a 12.7% increase year-over-year, and a reduction in operating expenses, with a 36.6% decrease year-over-year. This has helped us to narrow our loss from operations by 62.4% year-over-year. Moving forward, we will continuously focus on enhancing our monetization efficiency and improving our bottom line, while elevate our media brand influences through consistent delivery of high quality content.”

Second quarter 2023 Financial Results

REVENUES

Total revenues in the second quarter of 2023 decreased by 5.9% to RMB180.2 million (US$24.8 million) from RMB191.6 million in the same period of 2022, primarily due to the year-over-year decline in the Company’s paid services revenues.

Net advertising revenues in the second quarter of 2023 increased slightly to RMB161.8 million (US$22.3 million) from RMB160.5 million in the same period of 2022.

Paid services revenues in the second quarter of 2023 decreased by 40.8% to RMB18.4 million (US$2.5 million) from RMB31.1 million in the same period of 2022. Paid services revenues comprise (i) revenues from paid contents, mainly including digital reading, audio books, and paid videos, and (ii) revenues from E-commerce and others. Revenues from paid contents in the second quarter of 2023 decreased by 52.9% to RMB7.4 million (US$1.0 million) from RMB15.7 million in the same period of 2022, mainly due to the reduction in the content spending of certain customers in the second quarter of 2023. Revenues from E-commerce and others in the second quarter of 2023 decreased by 28.6% to RMB11.0 million (US$1.5 million) from RMB15.4 million in the same period of 2022, mainly due to the decline in E-commerce revenues.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues in the second quarter of 2023 decreased by 12.5% to RMB124.3 million (US$17.1 million) from RMB142.0 million in the same period of 2022, as a result of the Company’s strict cost control measures.

Gross profit in the second quarter of 2023 increased by 12.7% to RMB55.9 million (US$7.7 million) from RMB49.6 million in the same period of 2022. Gross margin in the second quarter of 2023 was 31.0%, as compared to 25.9% in the same period of 2022.

To supplement the financial measures presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), the Company has presented certain non-GAAP financial measures in this press release, which excluded the impact of certain reconciling items as stated in the “Use of Non-GAAP Financial Measures” section below. The related reconciliations to GAAP financial measures are presented in the accompanying “Unaudited Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Non-GAAP gross margin in the second quarter of 2023, which excluded share-based compensation, increased to 31.4% from 26.3% in the same period of 2022.

OPERATING EXPENSES AND LOSS FROM OPERATIONS

Total operating expenses in the second quarter of 2023 decreased by 36.6% to RMB91.6 million (US$12.6 million) from RMB144.4 million in the same period of 2022, primarily attributable to the decrease in staff costs and other operating expenses as a result of the Company’s strict cost control measures.

Loss from operations in the second quarter of 2023 was RMB35.7 million (US$4.9 million), compared to loss from operations of RMB94.8 million in the same period of 2022. Operating margin in the second quarter of 2023 was negative 19.8%, compared to negative 49.5% in the same period of 2022.

Non-GAAP loss from operations in the second quarter of 2023, which excluded share-based compensation, was RMB33.8 million (US$4.7 million), compared to non-GAAP loss from operations of RMB92.4 million in the same period of 2022. Non-GAAP operating margin in the second quarter of 2023, which excluded share-based compensation, was negative 18.8%, compared to negative 48.2% in the same period of 2022.

OTHER INCOME OR LOSS

Other income or loss reflects net interest income, foreign currency exchange gain or loss, income or loss from equity investments, net of impairment, fair value changes in investments, net, impairment of available-for-sale debt investment and others, net. Total net other income in the second quarter of 2023 was RMB4.4 million (US$0.6 million), compared to total net other loss of RMB21.0 million in the same period of 2022, which mainly consisted of the following items:

•Net interest income in the second quarter of 2023 was RMB9.0 million (US$1.2 million), compared to net interest income of RMB10.3 million in the same period of 2022.

•Foreign currency exchange loss in the second quarter of 2023 was RMB7.3 million (US$1.0 million), compared to a foreign currency exchange loss of RMB22.6 million in the same period of 2022.

•Impairment of available-for-sale debt investment in the second quarter of 2023 was nil, compared to RMB6.0 million in the same period of 2022, which was related to credit losses on the available-for-sale debt investment in Humanistic Intelligence Inc. incurred in the second quarter of 2022.

•Others, net, in the second quarter of 2023 was a gain of RMB2.5 million (US$0.4 million), compared to a loss of RMB2.4 million in the same period of 2022. Others, net primarily consists of some non-operating gain or loss.

NET LOSS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED

Net loss attributable to Phoenix New Media Limited in the second quarter of 2023 was RMB31.3 million (US$4.3 million), compared to net loss attributable to Phoenix New Media Limited of RMB95.8 million in the same period of 2022. Net margin in the second quarter of 2023 was negative 17.4%, compared to negative 50.0% in the same period of 2022. Net loss per diluted ordinary share in the second quarter of 2023 was RMB0.05 (US$0.01), compared to net loss per diluted ordinary share of RMB0.16 in the same period of 2022.

Non-GAAP net loss attributable to Phoenix New Media Limited, which excluded share-based compensation, income or loss from equity investments, net of impairment, fair value changes in investments, net, and impairment of available-for-sale debt investment was RMB29.7 million (US$4.1 million) in the second quarter of 2023, compared to non-GAAP net loss attributable to Phoenix New Media Limited of RMB87.1 million in the same period of 2022. Non-GAAP net margin in the second quarter of 2023 was negative 16.5%, compared to negative 45.4% in the same period of 2022. Non-GAAP net loss per diluted ADS in the second quarter of 2023 was RMB2.44 (US$0.34), compared to non-GAAP net loss per diluted ADS of RMB7.18 in the same period of 2022. “ADS(s)” refers to the Company's American Depositary Share(s), each representing 48 Class A ordinary shares of the Company.

In the second quarter of 2023, the Company’s weighted average number of ADSs used in the computation of diluted net loss per ADS was 12,131,757. As of June 30, 2023, the Company had a total of 582,324,325 ordinary shares outstanding, or the equivalent of 12,131,757 ADSs.

CERTAIN BALANCE SHEET ITEMS

As of June 30, 2023, the Company’s cash and cash equivalents, term deposits and short term investments and restricted cash were RMB1.08 billion (US$149.0 million).

Business Outlook

For the third quarter of 2023, the Company expects its total revenues to be between RMB158.5 million and RMB178.5 million; net advertising revenues are expected to be between RMB148.7 million and RMB163.7 million; and paid services revenues are expected to be between RMB9.8 million and RMB14.8 million.

All of the above forecasts reflect the current and preliminary view of the Company’s management, which are subject to changes and substantial uncertainty, particularly in view of the uncertainty of macroeconomic environment.

Conference Call Information

The Company will hold a conference call at 9:30 p.m. U.S. Eastern Time on August 15, 2023 (August 16, 2023 at 9:30 a.m. Beijing/Hong Kong time) to discuss its second quarter 2023 unaudited financial results and operating performance.

To participate in the call, please register in advance of the conference by clicking here (https://register.vevent.com/register/BId70d69a691c441d5a0010b124766457a). Upon registering, each participant will receive the participant dial-in numbers and a unique access PIN, which will be used to join the conference call. Please dial in 10 minutes before the call is scheduled to begin.

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.ifeng.com.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), Phoenix New Media Limited uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP income or loss from operations, non-GAAP operating margin, non-GAAP net income or loss attributable to Phoenix New Media Limited, non-GAAP net margin and non-GAAP net income or loss per diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP gross profit is gross profit excluding share-based compensation. Non-GAAP gross margin is non-GAAP gross profit divided by total revenues. Non-GAAP income or loss from operations is income or loss from operations excluding share-based compensation. Non-GAAP operating margin is non-GAAP income or loss from operations divided by total revenues. Non-GAAP net income or loss attributable to Phoenix New Media Limited is net income or loss attributable to Phoenix New Media Limited excluding share-based compensation, income or loss from equity investments, net of impairment, fair value changes in investments, net and impairment of available-for-sale debt investment. Non-GAAP net margin is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by total revenues. Non-GAAP net income or loss per diluted ADS is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by weighted average number of diluted ADSs. The Company believes that separate analysis and exclusion of the aforementioned non-GAAP to GAAP reconciling items add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with the related GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that using these non-GAAP financial measures to evaluate its business allows both management and investors to assess the Company’s performance against its competitors and ultimately monitor its capacity to generate returns for investors. The Company also believes that these non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of items like share-based compensation, income or loss from equity method investments, net of impairment, and fair value changes in investments, net, which have been and will continue to be significant recurring items, and without the effect of impairment of available-for-sale debt investments, which have been significant and one-time items. However, the use of these non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using these non-GAAP financial measures is that they do not include all items that impact the Company’s gross profit, income or loss from operations and net income or loss attributable to Phoenix New Media Limited for the period. In addition, because these non-GAAP financial measures are not calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider these non-GAAP financial measures in isolation from, or as an alternative to, the financial measures prepared in accordance with GAAP.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2513 to US$1.00, the noon buying rate in effect on June 30, 2023 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentations, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

About Phoenix New Media Limited

Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform, including PC and mobile, in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the Company enables consumers to access professional news and other quality information and share user-generated content on the Internet through their PCs and mobile devices. Phoenix New Media's platform includes its PC channel, consisting of ifeng.com website, which comprises interest-based verticals and interactive services; its mobile channel, consisting of mobile news applications, mobile video application, digital reading applications and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Phoenix New Media’s strategic and operational plans, contain forward-looking statements. Phoenix New Media may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Phoenix New Media’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of online and mobile advertising, online video and mobile paid services markets in China; the Company’s reliance on online and mobile advertising for a majority of its total revenues; the Company’s expectations regarding demand for and market acceptance of its services; the Company’s expectations regarding maintaining and strengthening its relationships with advertisers, partners and customers; the Company’s investment plans and strategies; fluctuations in the Company’s quarterly operating results; the Company’s plans to enhance its user experience, infrastructure and services offerings; competition in its industry in China; relevant government policies and regulations relating to the Company; and the effects of the COVID-19 on the economy in China in general and on the Company’s business in particular. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Phoenix New Media does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries please contact:

Phoenix New Media Limited

Muzi Guo

Email: investorrelations@ifeng.com

Phoenix New Media Limited

Unaudited Condensed Consolidated Balance Sheets

(Amounts in thousands)

	December 31,			June 30,			June 30,
	2022			2023			2023
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		95,982			145,798			20,107
Term deposits and short term investments		1,049,555			926,498			127,770
Restricted cash		9,055			7,782			1,073
Accounts receivable, net		428,587			309,007			42,614
Amounts due from related parties		46,215			77,338			10,665
Prepayment and other current assets		32,257			27,050			3,730
Total current assets		1,661,651			1,493,473			205,959
Non-current assets:
Property and equipment, net		13,091			10,090			1,391
Intangible assets, net		29,126			23,105			3,186
Available-for-sale debt investments		304			315			42
Equity investments, net		114,389			114,085			15,735
Deferred tax assets		89,060			86,774			11,967
Operating lease right-of-use assets, net		103,551			79,037			10,900
Other non-current assets		19,652			16,199			2,234
Total non-current assets		369,173			329,605			45,455
Total assets		2,030,824			1,823,078			251,414
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		176,956			140,996			19,444
Amounts due to related parties		64,733			46,519			6,415
Advances from customers		31,942			37,197			5,130
Taxes payable		183,525			169,191			23,333
Salary and welfare payable		94,484			74,661			10,296
Accrued expenses and other current liabilities		89,042			69,809			9,627
Operating lease liabilities		23,639			21,001			2,896
Total current liabilities		664,321			559,374			77,141
Non-current liabilities:
Long-term liabilities		20,333			20,333			2,804
Operating lease liabilities		80,947			59,358			8,186
Total non-current liabilities		101,280			79,691			10,990
Total liabilities		765,601			639,065			88,131
Shareholders' equity:
Phoenix New Media Limited shareholders' equity:
Class A ordinary shares		17,499			17,499			2,413
Class B ordinary shares		22,053			22,053			3,041
Additional paid-in capital		1,636,822			1,639,571			226,107
Statutory reserves		99,547			99,342			13,700
Accumulated deficit		(411,074	)		(499,988	)		(68,951	)
Accumulated other comprehensive loss		(45,402	)		(34,576	)		(4,768	)
Total Phoenix New Media Limited shareholders' equity		1,319,445			1,243,901			171,542
Noncontrolling interests		(54,222	)		(59,888	)		(8,259	)
Total shareholders' equity		1,265,223			1,184,013			163,283
Total liabilities and shareholders' equity		2,030,824			1,823,078			251,414

Phoenix New Media Limited

Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss)

(Amounts in thousands, except for number of shares and per share (or ADS) data)

	Three Months Ended												Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,			June 30,			June 30,
	2022			2023			2023			2023			2022			2023			2023
	RMB			RMB			RMB			US$			RMB			RMB			US$
Revenues:
Net advertising revenues		160,478			126,195			161,807			22,314			318,854			288,002			39,717
Paid service revenues		31,161			20,171			18,400			2,537			48,166			38,571			5,319
Total revenues		191,639			146,366			180,207			24,851			367,020			326,573			45,036
Cost of revenues		(142,003	)		(118,088	)		(124,270	)		(17,138	)		(284,322	)		(242,358	)		(33,423	)
Gross profit		49,636			28,278			55,937			7,713			82,698			84,215			11,613
Operating expenses:
Sales and marketing expenses		(52,575	)		(40,050	)		(28,476	)		(3,927	)		(111,969	)		(68,526	)		(9,450	)
General and administrative expenses		(52,192	)		(37,563	)		(42,146	)		(5,812	)		(97,638	)		(79,709	)		(10,992	)
Technology and product development expenses		(39,649	)		(25,069	)		(20,988	)		(2,894	)		(74,690	)		(46,057	)		(6,352	)
Total operating expenses		(144,416	)		(102,682	)		(91,610	)		(12,633	)		(284,297	)		(194,292	)		(26,794	)
Loss from operations		(94,780	)		(74,404	)		(35,673	)		(4,920	)		(201,599	)		(110,077	)		(15,181	)
Other income/(loss):
Interest income, net		10,320			8,594			9,005			1,242			18,903			17,599			2,427
Foreign currency exchange (loss)/gain		(22,653	)		1,384			(7,279	)		(1,004	)		(21,480	)		(5,895	)		(813	)
(Loss)/income from equity method investments, net of impairment		(424	)		(261	)		159			22			(604	)		(102	)		(14	)
Fair value changes in investments, net		79			44			54			7			853			98			14
Impairment of available-for-sale debt investments		(5,980	)		-			-			-			(5,980	)		-			-
Others, net		(2,378	)		39			2,501			345			805			2,540			350
Loss before income taxes		(115,816	)		(64,604	)		(31,233	)		(4,308	)		(209,102	)		(95,837	)		(13,217	)
Income tax benefit/(expense)		11,022			1,481			(429	)		(59	)		15,146			1,052			145
Net loss		(104,794	)		(63,123	)		(31,662	)		(4,367	)		(193,956	)		(94,785	)		(13,072	)
Net loss attributable to noncontrolling interests		8,954			5,335			331			46			18,419			5,666			781
Net loss attributable to Phoenix New Media Limited		(95,840	)		(57,788	)		(31,331	)		(4,321	)		(175,537	)		(89,119	)		(12,291	)
Net loss		(104,794	)		(63,123	)		(31,662	)		(4,367	)		(193,956	)		(94,785	)		(13,072	)
Other comprehensive loss, net of tax: fair value remeasurement for available-for-sale debt investments		(17,856	)		-			-			-			(24,010	)		-			-
Other comprehensive income/(loss), net of tax: foreign currency translation adjustment		11,994			(2,642	)		13,468			1,857			11,542			10,826			1,493
Comprehensive loss		(110,656	)		(65,765	)		(18,194	)		(2,510	)		(206,424	)		(83,959	)		(11,579	)
Comprehensive loss attributable to noncontrolling interests		8,954			5,335			331			46			18,419			5,666			781
Comprehensive loss attributable to Phoenix New Media Limited		(101,702	)		(60,430	)		(17,863	)		(2,464	)		(188,005	)		(78,293	)		(10,798	)
Net loss per Class A and Class B ordinary share:
Basic		(0.16	)		(0.10	)		(0.05	)		(0.01	)		(0.30	)		(0.15	)		(0.02	)
Diluted		(0.16	)		(0.10	)		(0.05	)		(0.01	)		(0.30	)		(0.15	)		(0.02	)
Net loss per ADS (1 ADS represents 48 Class A ordinary shares):
Basic		(7.90	)		(4.76	)		(2.58	)		(0.36	)		(14.47	)		(7.35	)		(1.01	)
Diluted		(7.90	)		(4.76	)		(2.58	)		(0.36	)		(14.47	)		(7.35	)		(1.01	)
Weighted average number of Class A and Class B ordinary shares used in computing net loss per share:
Basic		582,324,325			582,324,325			582,324,325			582,324,325			582,324,325			582,324,325			582,324,325
Diluted		582,324,325			582,324,325			582,324,325			582,324,325			582,324,325			582,324,325			582,324,325

Phoenix New Media Limited

Unaudited Condensed Segments Information

(Amounts in thousands)

	Three Months Ended								Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,		June 30,		June 30,
	2022		2023		2023		2023		2022		2023		2023
	RMB		RMB		RMB		US$		RMB		RMB		US$
Revenues:
Net advertising service		160,478		126,195		161,807		22,314		318,854		288,002		39,717
Paid services		31,161		20,171		18,400		2,537		48,166		38,571		5,319
Total revenues		191,639		146,366		180,207		24,851		367,020		326,573		45,036
Cost of revenues
Net advertising service		131,872		107,270		114,651		15,811		267,969		221,921		30,605
Paid services		10,131		10,818		9,619		1,327		16,353		20,437		2,818
Total cost of revenues		142,003		118,088		124,270		17,138		284,322		242,358		33,423
Gross profit
Net advertising service		28,606		18,925		47,156		6,503		50,885		66,081		9,112
Paid services		21,030		9,353		8,781		1,210		31,813		18,134		2,501
Total gross profit		49,636		28,278		55,937		7,713		82,698		84,215		11,613

Phoenix New Media Limited

Unaudited Condensed Information of Cost of Revenues

(Amounts in thousands)

	Three Months Ended								Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,		June 30,		June 30,
	2022		2023		2023		2023		2022		2023		2023
	RMB		RMB		RMB		US$		RMB		RMB		US$
Revenue sharing fees		2,838		3,538		3,316		457		6,484		6,854		945
Content and operational costs		126,454		105,350		113,484		15,651		250,841		218,834		30,179
Bandwidth costs		12,711		9,200		7,470		1,030		26,997		16,670		2,299
Total cost of revenues		142,003		118,088		124,270		17,138		284,322		242,358		33,423

Unaudited Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures

(Amounts in thousands, except for number of ADSs and per ADS data)

	Three Months Ended June 30, 2022										Three Months Ended March 31, 2023										Three Months Ended June 30, 2023
	GAAP			Non-GAAP Adjustments				Non- GAAP			GAAP			Non-GAAP Adjustments				Non- GAAP			GAAP			Non-GAAP Adjustments				Non- GAAP
	RMB			RMB				RMB			RMB			RMB				RMB			RMB			RMB				RMB
Gross profit		49,636			825		(1)		50,461			28,278			604		(1)		28,882			55,937			642		(1)		56,579
Gross margin		25.9	%						26.3	%		19.3	%						19.7	%		31.0	%						31.4	%
Loss from operations		(94,780	)		2,429		(1)		(92,351	)		(74,404	)		866		(1)		(73,538	)		(35,673	)		1,884		(1)		(33,789	)
Operating margin		(49.5	)%						(48.2	)%		(50.8	)%						(50.2	)%		(19.8	)%						(18.8	)%
					2,429		(1)								866		(1)								1,884		(1)
					424		(2)								261		(2)								(159	)	(2)
					(79	)	(3)								(44	)	(3)								(54	)	(3)
					5,980		(4)								-		(4)								-		(4)
Net loss attributable to Phoenix New Media Limited		(95,840	)		8,754				(87,086	)		(57,788	)		1,083				(56,705	)		(31,331	)		1,671				(29,660	)
Net margin		(50.0	)%						(45.4	)%		(39.5	)%						(38.7	)%		(17.4	)%						(16.5	)%
Net loss per ADS-diluted		(7.90	)						(7.18	)		(4.76	)						(4.67	)		(2.58	)						(2.44	)
Weighted average number of ADSs used in computing diluted net loss per ADS		12,131,757							12,131,757			12,131,757							12,131,757			12,131,757							12,131,757

(1) Share-based compensation

(2) Loss/(income) from equity investments, net of impairment

(3) Fair value changes in investments, net

(4) Impairment of available-for-sale debt investments